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We should re-phrase this, we suppose, but investors have been trying to pick the bottom of Wattyl for more than a year. None of them have so far been correct. From a PER point of view it's cheap, but continuing problems both within the building material supplier - industrial action and higher raw materials costs - and outside it have seen its share price continue to trend lower. In the light of the expectations of continuing softness in the construction industry, we even abandoned our Accumulate recommendation (...

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